CHICAGO, April 20, 2020 — The American Bar Association Business Law Section has published a COVID-19 Model Standstill/Tolling Agreement (annotated and without annotations) that is intended to help law firms and businesses struggling during this coronavirus pandemic.
The agreement is a template for businesses facing problems of performance under contracts, including payment or collection, which may soon be overwhelming to the parties and to the legal system. It contains the basic elements that such an agreement should include and provides a balanced way for businesses to place a legal “freeze” on their commercial relationship while the economy stabilizes. The form of agreement, which can be used either in an electronic or paper format, is not intended as a substitute for legal advice.
Click here to learn more about the COVID-29 Model Standstill/Tolling Agreement, which was published in “Business Law Today,” by Jonathan C. Lipson and Norman M. Powell. Lipson is the Harold E. Kohn Professor of Law at Temple University-Beasley School of Law. Powell is a partner in the Delaware law firm of Young Conaway Stargatt & Taylor, LLP.
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